In these challenging economic times it’s easy to get caught up in “discount fever.” But by holding the line and cutting back on your cutbacks -- even just a little -- you can increase your return on investment.
That was the message delivered by William J. Curry, president of Curry Fine Jewelry, during a presentation at the National Jeweler Network’s America’s Best Jewelers (ABJ) Retail Benchmarking Symposium.
Curry and other jewelers offered the following tips to thrive while decreasing discounts:
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Buy Right. You end up discounting because you don’t have exactly what the customer wants, so be smart about what you bring into your store in the first place.
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Believe in Your Prices.Starting off a sales pitch by saying that you’ll take 20% off sends the signal to customers that you don’t buy into your pricing—so why should they?
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If You Discount, Have Good Reason.Don’t indicate that you’re discounting because the product was overpriced.
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Offer Options.Instead of a discounting product, direct customers to items that fall into the price range they want to spend.
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Remember that Perceived Value is Critical. One jeweler commented that by discounting product you also cut into the value of your service and your store brand.
Take The Tip:
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